FY2015 External Audit Shows County Knows Its ‘Financial Stuff’
Hays County Courthouse, San Marcos, TX – The Hays County Commissioners Court received excellent news about the FY 2015 Comprehensive Annual Financial Report (CAFR) external audit performed by ABIP, P.C. certified public accountants, on March 29. The County received the highest possible rating for its auditing practices with no audit adjustments required.
The audit found the County’s internal controls had “great segregation of duties” in such major processes as payments to vendors, cash flow/income and payroll and general ledger processes such as cash and accounts receivable were handled properly.
County Judge Bert Cobb, M.D., noted that the County Auditor reports to the County’s State District Judges, not the Commissioners Court, ensuring a higher degree of checks and balances involving County finances.
The County was also lauded for having an eight-to-nine-month unassigned fund balance, exceeding its own policy of a three-to-six-month balance. A relatively new auditing requirement for net pension liability on retirement plans noted that the County has a 92 percent funding for its future retirement benefit liability, which is also considered more than adequate. The audit also found the County was in compliance with the Public Funds Investment Act and had properly trained investment officers.
The audit also noted the $2.5 million savings to taxpayers due to refinanced bonds that occurred in FY 2015, and auditors who reviewed funding received by the County from state and federal agencies found no issues.
Copies of the full audit report for review are available in the County Judge’s Office at the County Courthouse, the Auditor’s Office at the Government Center and in Commissioners’ Offices. It can also be read online by choosing the Financial Transparency icon at www.co.hays.tx.us.